March 13, 2020 / 7:35 AM / 3 months ago

BRIEF-Saga Says Made Decision To Temporarily Suspend Operations Of Cruises Until May 1 2020

March 13 (Reuters) - Saga PLC:

* UPDATE IN RELATION TO TRAVEL ADVICE FROM THE GOV’T

* MADE DECISION TO TEMPORARILY SUSPEND OPERATIONS OF OUR CRUISES UNTIL 1 MAY 2020

* DEMAND FOR OUR CRUISES HAS BEEN VERY POSITIVE, WITH BOOKINGS OF AROUND 80% OF FULL YEAR REVENUE TARGET

* CANCELLATIONS HAD INCREASED IN RECENT WEEKS

* IT IS ESTIMATED THAT A CESSATION OF CRUISE TRADING FOR NEXT 6 WEEKS WILL REDUCE CRUISE PROFIT BEFORE TAX BY BETWEEN £10M AND £15M

* TRAVEL ENVIRONMENT REMAINS UNCERTAIN

* THERE ARE A RANGE OF FURTHER MITIGATING ACTIONS GROUP WILL TAKE INCLUDING ADDITIONAL COST EFFICIENCIES AND REDUCING DISCRETIONARY SPEND Source text for Eikon: Further company coverage:

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